PetroCap has closed its second private equity fund on its hard cap of $350 million, the Dallas-based firm said.
PetroCap Partners II will focus on making oil and gas investments that average between $20 million and $70 million per project. The pool will specifically target onshore basins in the lower 48 states.
PetroCap’s previous fund Falcon E&P Opportunities Fund LP raised $163 million in 2011. No performance data was available.
The environment for oil and gas investments is challenging amid volatility in the price of oil, but sources have said there are good opportunities for those with capital to deploy.
“The E&P sector is going through a challenging time, but we are confident that our deep technical and operating expertise will allow us to find valuable opportunities in this portion of the commodity cycle,” said Alec Neville, managing director at PetroCap, in a statement.
Launched in 1992, PetroCap’s current management team includes Managing Directors Lane Britain, Doug Evans and David Hopson. According to the firm, it has committed $600 million in direct oil and gas investments since PetroCap’s founding.
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